GST Clarification on Export Payment Realisation

    Written byVIDUR
    Published
    Container ship and cranes at Kochi port, India

    CBIC clarifies when INR receipts, permitted set-offs and net-retention arrangements satisfy the receipt-of-payment condition for export of services.

    For export of goods, the FEMA-prescribed realisation period applies; no refund recovery is to be made where the realisation requirement is written off by the AD Bank.